Putting things in perspective, I am going to disagree with Douglas: This kind of panic selling has NEVER happened before in VRC. Sorry but I have been here since the get go and no, not of these dimensions. This is A TOTAL PANIC SELLING DUMP. I'd say ALL traders (by ALL I mean the hugely vast majority) are or have already dumped VRC. Not only them, all the small investors and, of course, all nthe weak hands. It is, in fact, safe to say that most if not ALL of the VRC outside of the 10 million that are staking -as per your count, Douglas-, have been not just sold but probably sold, in panic, a few times in many cases. The proportions of the dump are epic.
That said, we must have reaching the bottom because there should be no more people willing to sell at any moment. This is the community that support VRC, on their own. No outside traders, no outside investors, no groups, no whales. Just like at the beginning or VRC, only enormously more solid. Bottom price will be what will be, but that will be the REAL value of VRC as supported by it's stakeholders.
This gives -should give- the dev a premium opportunity to really stop the presses and evaluate. With perspective. And stop listening to the single requests that have poured here through the panic dump. There's no "saving the coin". The coin is saved. By those 10 million VRC staking and the community that owns them (plus the few million more still on the exchanges but that will not be sold at these prices or below no matter what). That community has given your their full support, especially bin the rollback decision. That community wants you to keep setting higher standards. That community supports regulation -which is coming and is inevitable-. That community doesn't support, regardless of the petitions, a shadow market (decentralized) that serves only interests outside the law. And that community supports every and all efforts to make sure that thieves will not benefit from attacking VRC no matter what, no mattter in one or 100 rollbacks are necessary. The so-called integrity of the block chain is Bullshit. The integrity that you have to defend, because your stake holders demand so, is the integrity of the coin: That the investors are protected and that the vendors are protected. That's the only integrity that counts to the stakeholders and to the future vendors and customers that will adopt Vericoin.
So I invite you to pause, evaluate and take advantage -and a strong forward, proactive position- of the new circumstances and SET THE PATH to follow, whether the other people in crypto like it or not. Your obligation is not to Lee, not to anyone in particular. Your obligation is to those stakeholders thata keep 10 million VRC staking. They have spoken loud and clear to you. You need ton listen to them and act in consequence.
I agree with most of your comments here, and I appreciate your thoughtful contemplation. This is more extreme than before but something nearly all coins have seen, one time or another. I also agree this is a ownership reset, and we will be much more poised for strength in the long run! Remember this is still the early stages...
Precisely. Early stages. Forward looking is imperative. Rushing features just because the current market supports those features is meaningless in the long term. VISION, long term forward vision, is what VRC needs. And stick to it regardless of the market and the prices. That is NOT, not caring about the investors, or the price, that would be not letting the markets and the prices interfere in the progress of the coin towards its ultimate objectives, those that the stakeholders support, not what a few cry about now because they want a 200% increase in price to dump their coins. We already were at more than 200% above current price. And meant nothing. The clear path is toward the mass adoption through the standard already established: Honesty, transparency, integrity. In the dev team and in the coin. And not so-called "integrity of the blockchain" but integrity of the coin towards the VISION of the devs supported by the stakeholders and towards guaranteeing, at whatever measures may be required, that both vendors and investors are protected. Every coin WILL be forced, by law, to guarantee that. VRC is and should remain then pioneer in implementing it by will, not forced by law.
Remember: The people that temporarily own 10 million coins don't care about where VRC is going, they only care about selling those for a profit as quickly as possible. That is not only not bad, it is actually very good, because they create liquidity, interest = MARKET. But the ones that will remain, regardless of what the market does, are the 10 million that are staking and the other 6 million that remain in exchanges hoping/expecting for longer term profits. Those are your SUPPORT and your STRENGTH. You must stay the course that they support and no other.
